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I had a small amount of money in NetBank when they went under. I couldn't access the money for a few days. After ING acquired them, it was as if nothing had happened. So my downtime was something like 4 or 5 business days. I expect this is abnormal (takes longer usually?) but it is my only...

Sorry to hear about your troubles. With all the psychological torture IB puts you through, why not move on to a new broker?

Yep my health insurance just went up another 10% year over year. No inflation though. That's great!

Is this one of those stories that comes out when the dollar is done going down? Or at least at a relative low?

If someone at IB gives you the green light to minimize risk on a position, then I would contend you are no longer liable for what happens if the person giving you that advice was wrong.

The problem is that these situations will happen occasionally on any system. If I called into IB and got the go ahead to close out a position by a customer service representative, then I would close out that position without hesitation. IB monitors their phone calls so it would be an easy...

No it is not. There is only one logical way to control risk right before a news event and that is to get flat. You cannot control the news event. You can control your position. This comes back to zzzap's options. Either he gets flat before the news event or he does not touch the position...

But in zzzap's case, the only way to "minimize damage" would be to get out of the position before the news event. And this implies a market order before the news event.

You just make a best guess on what to do and live with it. You don't have to pay for bust fees on the exchanges that I trade on. Funny thing is that if you do get a bad bust against you, you do get charged if you want to have them review the trade again.

As I said before, there are only two options here. One is that you close out the position immediately and then contact IB. The other is to not touch the position at all and then contact IB. But putting out limit orders at advantageous prices right before a news event is not an option unless...

So if you have a position in your account that is erroneous and it is right before a news decision that would affect that position, trying to game the position for max profit is a good rule to follow? I'm sure this thread would *never* had been brought to light if zzzap's limit orders had been...

This is in zzzap's own words. He clearly states he was aware of the position. Now I can understand doing one of two things here: 1. You know the GBP position is erroneous so you don't touch it at all. You contact IB about the position ASAP. 2. You think that the GBP position is probably...

You are right in a situation where you have a position that makes no sense. I.e., something that you do not normally trade. I've had this happen once before with IB and I did not close the position out. However, in this situation the original poster had a similar order in his basket order...

Well, whether you intended to "play with" the position or not, you effectively did let the position ride. Next time you should close out erroneous positions immediately and then deal with the aftermath, especially since you knew the news was coming out shortly. Hopefully IB reimburses you...

The real reason Prince is out is because Cramer called for his resignation. Long live Cramer!

Is not my religion. I've berated IB before and have started threads insinuating things against them where I've been wrong. How am I defending IB here? They are paying at least part of the money back and I suspect will pay for all of it unless they have very strong evidence that zzzap...

Yes, you are probably right. Many years ago I had an incident involving IB's TWS that cost me a fair amount of money. I complained but felt like no one was listening. I felt the matter was not being given the proper attention so I dropped a line like "going to contact the SEC" blah blah blah...

There are some situations where lawyers are needed and some situations where they aren't needed. For most things, I can get by without a lawyer just fine.

As I can't stand lawyers, I do not agree with your assertion. I don't think "pain and suffering" applies here.

I think we all wish IB would be faster resolving issues like this but this is not the first time where whacky situations have been resolved dreadfully slowly. IB is good for common automated situations but once you get out of that realm, it just requires a lot of patience. I have been through...